ROCM Rochester Medical Corp. (MM)

Rochester Medical Reports Fourth Quarter Results: Record Annual Results STEWARTVILLE, Minn., Oct. 28 /PRNewswire-FirstCall/ -- Rochester Medical Corporation today announced operating results for its fourth quarter and fiscal year ending September 30, 2003. The Company reported sales of $3,621,000 for the quarter compared to $3,162,000 for the fourth quarter of last year. It reported net income of $41,000 or $.01 per share compared to a net loss of $17,000 or ($.00) per share for the fourth quarter of last year. The approximately 15% increase in sales resulted from increased sales of Rochester Medical(R) brand products and increased sale to private label customers. The increase in net income was due primarily to increased contribution from higher sales. For the Fiscal Year ended September 30, 2003 net sales increased 32% to $14,655,000 from $11,075,000 last fiscal year. The Company reported a net income of $330,000 or $.06 per share compared to a net loss of $1,395,000 or ($.26) last fiscal year. The sales increase was due to increased Rochester Medical Brand sales and increased Private Label sales. The increase in net income was due primarily to increased contribution from higher sales. Commenting on the results Company CEO and President Anthony J. Conway said, "I am pleased to again report that we are making solid progress. We had a good quarter and an excellent year. "Sales growth has been over 30% for each of the last two years and we have become profitable. Also, we have increased our cash and marketable securities by over one and a half million dollars over the past year. "We expect good annual growth in Fiscal 2004 on both our top and bottom line with much of that growth occurring in the second half of the year as our Hydrophilic Catheters are introduced in Europe, and as we launch additional new advanced products following regulatory approval which we expect will be forthcoming in the first half of this fiscal year. The European Market for Hydrophilic Catheters is approximately $130 million dollars annually. I believe our technology offers distinct advantages over products currently in that market. We recently announced a global private label marketing agreement for these catheters. We also continue discussing arrangements with potential marketing partners for both current and future products that can provide significant additional sales revenues. "In short, I am pleased with the Company's performance over the past year, and I look forward to a good year ahead." The immediately preceding statement contains forward-looking statements that involve risks and uncertainties, including the uncertainty of gaining acceptance of the anti-infection catheters and hydrophilic catheters in the marketplace, the uncertainty of new product introductions, the uncertainty of gaining new strategic relationships, the uncertainty of timing of private label sales revenues (particularly international customers), FDA and other regulatory review and response times, as well as other risk factors listed from time to time in the Company's SEC reports and filings, including, without limitation, the section entitled "Risk Factors" in the Company's Annual report on Form 10-K (Part II, Item 6) for the year ended September 30, 2002. Rochester Medical Corporation develops, manufactures, and markets latex- free disposable medical catheters and devices for urological and continence care applications. The Company markets under its own Rochester Medical brand and under private label arrangements. For further information, please contact Anthony J. Conway, President and Chief Executive Officer of Rochester Medical Corporation at (507) 533-9600. For product information on the FemSoft Insert call 1-800-FEMSOFT. More information about Rochester Medical is available on its website at http://www.rocm.com/ . Condensed Balance Sheets September 30, September 30, 2003 2002 Assets Current Assets Cash and equivalents $1,764,499 $411,618 Marketable securities 4,201,736 4,052,389 Accounts receivable 2,454,310 1,905,442 Inventories 3,542,619 3,577,931 Prepaid expenses and other assets 272,245 218,183 Total current assets 12,235,409 10,165,563 Property and equipment 8,687,462 9,261,525 Intangible assets 225,597 209,078 $21,148,468 $19,636,166 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $507,580 $633,934 Accrued expenses 1,098,578 908,301 Short term debt 43,520 - Current maturities of capital leases 40,263 - Deferred revenue 157,143 100,000 Total current liabilities 1,847,084 1,642,235 Long-term debt Long term debt 116,280 - Capital leases, less current portion 164,806 - Deferred revenue 878,571 850,000 Total long term debt 1,159,657 850,000 Stockholders' equity 18,141,727 17,143,931 $21,148,468 $19,636,166 Summary Statements Of Operations Three months ended Twelve months ended September 30, September 30, 2003 2002 2003 2002 Sales $3,621,022 $3,162,374 $14,655,372 $11,075,495 Cost of sales 2,334,875 2,105,635 9,574,414 7,887,891 Gross profit 1,286,147 1,056,739 5,080,958 3,187,604 Gross profit % 36% 33% 35% 29% Costs and expense: Marketing and selling 597,170 539,610 2,225,376 2,196,426 Research and development 239,521 207,219 874,715 834,567 General and administrative 444,632 380,314 1,808,838 1,763,341 Total operating expenses 1,281,323 1,127,143 4,908,929 4,794,334 Income/(Loss) from operations 4,824 (70,404) 172,029 (1,606,730) Other income (expense) Interest income - Net 36,115 52,980 157,874 211,926 Net Income/(Loss) $40,939 $(17,424) $329,903 $(1,394,804) Earnings per common share - Basic & Diluted $0.01 $(0.00) $0.06 $(0.26) Shares in per share computation Basic 5,421,183 5,328,622 5,379,954 5,328,531 Shares in per share computation Diluted 5,735,383 5,328,622 5,653,859 5,328,531 DATASOURCE: Rochester Medical Corporation CONTACT: Anthony J. Conway, President and Chief Executive Officer of Rochester Medical Corporation, +1-507-533-9600 Web site: http://www.rocm.com/

Copyright